Norcross, Georgia, and San Antonio, Texas, March 02, 2023 (GLOBE NEWSWIRE) — Viveon Health Acquisition Corp. (NYSE American: VHAQ, VHAQW, VHAQR, VHAQU), a special purpose acquisition company led by principals experienced in healthcare and med-tech innovation, is pleased to announce that it has identified and entered into a letter of intent with a business combination target company, Clearday (OTCQX: CLRD).
Clearday provides a technology platform for the aging population that integrates numerous healthcare innovations into personalized, AI-driven care experiences, which continuously assesses an individual’s cognitive and physical capabilities. The company’s customized treatment plans are intended to improve the quality of life for aging and special needs populations. With it’s autonomous companion robotics and innovative care treatments, Clearday intends to address the $1.4 Trillion burden in annual National Health Expenditures for aging adults.
Clearday’s (www.myclearday.com) mission is to provide industry-leading longevity care that is more accessible and affordable. Clearday enables aging individuals, those with special needs, and their families, to optimize their quality of life across the healthcare continuum: at home, in community centers, during medical visits, and at full and part-time care facilities. Clearday’s Longevity Care Platform seamlessly integrates numerous health technology innovations into personalized AI-driven care experiences. The platform continuously assesses an individual’s cognitive and physical capabilities to deliver a customized plan.
Globally, the population of individuals over the age of 60 is projected to double by 2050, resulting in nearly 2.1 billion people. In 2035, the US Census Bureau predicts that for the first time, there will be more Americans over the age of 65 than those under 18. These demographics drive the need for new longevity-tech solutions that provide continuous monitoring, increased engagement, and proactive interventions for older individuals.
The Clearday Longevity Care Platform delivers solutions through a hub-n-spoke model involving Clearday at Home, Clearday Labs, Clearday Clubs, Clearday Residential, and Clearday Robotics. Together, they offer the industry’s leading proactive engagement, intervention, and monitoring solutions for the aging population.
“Clearday is an ideal merger partner for Viveon Health as it is a transformative healthcare technology company at its inflection point of rapid growth — and addresses an underserved, large, and expanding market,” said Jagi Gill, Chief Executive Officer and Chairman of Viveon Health. “As operators ourselves in the healthcare technology space, our hands-on diligence revealed the Clearday team’s deliberate expansion and acceleration of their longevity-tech business plan impacting the arc from home to residential care facilities. By leveraging its operational excellence and history in longevity care and bolting on AI-driven solutions to monitor mental and physical health, its solutions can deliver real-time engagement with individuals and their families through robotic-assisted companion care designed to deliver support at any setting. I look forward to working with Jim and the rest of the Clearday team to execute their global sales channel expansion and market development plan poised to deliver growth and shareholder value.”
James Walesa, CEO and Founder said, “We are thrilled with the opportunity to partner with Viveon and its industry-leading founders, Drs. Jagi Gill and Rom Papadopoulos. Both have decades of experience scaling healthcare technology businesses. Clearday began seeking partners with operational and financial expertise who shared the vision of Clearday’s ‘Aging in the Right Place.’ It has taken longer than I wanted, but today we found the team that combines capital markets experience with healthcare leadership to accelerate Clearday’s mission. Their extensive professional contacts and experience will bolster our sales and go-to-market initiatives and generate additional revenue opportunities for the combined companies.”
Under the terms of the letter of intent, Clearday’s existing equity holders would convert 100% of their equity into the combined public company. The proposed transaction values Clearday at $250 million. Viveon expects to announce additional details regarding the proposed business combination when a definitive merger agreement is executed.
Completion of a business combination with Clearday is subject to, among other matters, the completion of due diligence, the negotiation of a definitive agreement providing for the transaction, satisfaction of the conditions negotiated therein and approval of the transaction by the board and stockholders of both Viveon and Clearday. There can be no assurance that a definitive agreement will be entered into or that the proposed transaction will be consummated on the terms or timeframe currently contemplated, or at all.
About Clearday, Inc.
Clearday™ is an innovative longevity healthcare technology company with a modern, hopeful vision for making high-quality care solutions more accessible, affordable, and empowering for aging individuals and their families. Clearday has a decades-long experience in non-acute care through its subsidiary Clearday Living, which operates highly-rated residential memory care and adult daycare communities. Its Longevity Care Platform brings Clearday solutions to people wherever they are. Its platform is at the intersection of telehealth, remote monitoring, and patient engagement — all delivered across mobile, wearable, and robotic endpoints in a Software-as-a-Service (SaaS) and Robotics as a Service (RaaS) model. Learn more about Clearday and its pioneering legislative efforts to bring the “Innovative Cognitive Care Act for Veterans” to Congress at www.myclearday.com.
About Viveon Health Acquisition Corp.
Viveon Health Acquisition Corp. is a blank check company, also commonly referred to as a special purpose acquisition company, or SPAC, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. It is the Company’s intention to pursue prospective targets that are focused on the healthcare sector in the United States and other developed countries.